Dealing with debt can be stressful for many people. This is especially true when you do not have the funds to pay for your debts. Many people end up suffering from a job loss or unexpected medical bills. When this happens, you may find it difficult to overcome. When you are in way over your head with debt, it is important to know there are options available. Through Consumer Bankruptcy In Greenbelt, you can have your debt taken care of or even eliminated.
What Can You Expect in Filing Bankruptcy?
You will first need to contact an attorney to gain information about your filing options. Through Consumer Bankruptcy In Greenbelt, you can rid yourself of debt. Your attorney will need you to bring in information on all of your debts, income and the assets you own. This will allow the attorney to go over your debts and find the best solution to meet your needs.
If you choose Chapter 7 bankruptcy, you will have your assets liquidated. This liquidation process will involve all of your assets, except your exempt property, such as your home, car, furniture and clothing. The liquidated assets will be used to pay off your debts. Through this bankruptcy process, you will have a trustee over your case. He or she will be in charge and has the power to absolve some of your debts.
In a chapter 13 bankruptcy, you are able to keep your assets. In this type, you will be required to pay a monthly payment through the court. The judge will want to make sure you can afford the payment. In this bankruptcy, you will typically pay off your debts in three to five years. This will allow you to be able to come from out of your debt and get on with your financial future.
If you are dealing with more debt than you are able to handle, contact Laura Margulies & Associates LLC. Contact them today for your free consultation appointment and allow them to give you information on how filing for bankruptcy can benefit your financial situation. This can give you great peace of mind and help you to find relief.